(Reuters) - Malaysia will not host a Formula One Grand Prix after the current agreement expires in 2018, the Malay Mail reported on Monday.

"The current agreement is from 2016 to 2018. So once that ends, there will be no more (F1 in Malaysia)," Malaysia's Tourism and Culture Minister Nazri Abdul Aziz told reporters at parliament, the paper said.

"F1 attendance is dropping and there is less attraction now. We are spending RM 300 million ($68 million) a year," he added.